Now Reading: Trump administration backs 3 mineral projects with $58 million
-
01
Trump administration backs 3 mineral projects with $58 million
The US Export-Import Bank is lending $58 million to three critical-mineral companies to reduce reliance on Chinese supplies, according to a document seen by Reuters. Westwater Resources will receive $25 million for…
The Story in Brief
The US Export-Import Bank is lending $58 million to three critical-mineral companies to reduce reliance on Chinese supplies, according to a document seen by Reuters. Westwater Resources will receive $25 million for a graphite mine and processing facility in Alabama, the country's first source of natural graphite, used in lithium-ion batteries. Global Advanced Metals gets $25 million to expand processing of tantalum and niobium, neither of which the US currently mines. A further $8 million goes to 5E Advanced Materials for boron production for nuclear and defence use.
The funding coincides with President Trump’s meeting with mining executives in Washington. Ex-Im chairman John Jovanovic said critical mineral security is national security. The US imports most of its boron and all of its tantalum and niobium. 5E’s California boron project is expected to begin commercial production in 2028.
The Indian Opinion
The $58 million is modest next to China's stranglehold on mineral processing, a challenge India shares. Exaggerating this as a swift decoupling ignores the years of construction, permitting, and cost overruns ahead. The real test will be whether Westwater's graphite mine and 5E's boron project actually start commercial production on their current timetables.
Source: economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
